The group says since repositioning it within AWD’s wealth management remit, which took place in April, Moneyextra’s online price comparison services no longer fits with its long-term strategic vision in the wealth management, telephone advisory and consulting services.
The contracts will be sold to a new business Moneyextra.com Limited with completion expected at the end of the month.
AWD Group chief executive Mike Kirsch says: “This marks another important step towards our goal of becoming the UK’s leading IFA. The integration of our telephone advisory services within AWD Chase de Vere Wealth Management is now well advanced and we are able to provide our clients with an enhanced experience by offering access to a greater range of services through the seamless integration of our face to face and telephone-based advisory services.
“Moneyextra provides an excellent price comparison service however this no longer fits with our advice-based proposition and we believe that it will be more effectively developed under new ownership.”